FAQ's

At L.C. Land we completely appreciate that the more information that people have the more likely they are to understand the benefits in the service we offer. Please find some answers to our most common questions below. If there is anything you would like to know which is not covered please feel free to get in touch.

Do I have to move home?

No absoluetly not. Many of our client have no aspiration to move and just want to maximise the of the value of their land. We are driven to meet your needs for your land.

If I want to move home will there be time to do so?

Yes, we can arrange for there to be a delay between the final exchange and the completion of sale.

What is an Option Agreement?

An Option Agreement is a binding contract between a landowner and a land buyer where the buyer has the option to purchase the land within a certain timeframe, subject to planning.

How long does the process take?

This will vary depending on your land however we commonly use a 12 month Option Agreement. We aim for 12 months as a worst-case scenario and typically look to achieve planning before this. We will keep you informed on the key stages of progress throughout the process.

Do I need a solicitor?

Yes, you will need to instruct a Commercial Solicitor who understands Option agreements. We are able to offer recommendations and will offer £2500 + VAT towards the costs. Our suggested list of solicitors will be covered by our contribution. You are also welcome to use your own.

Will I be able to stipulate conditions before I sign the Option Agreement?

Yes you will. We will strive to make sure you are able to be as involved in the process as you wish.

Are there any other costs involved to me?

No. After the solicitor fees which we pay towards/cover then you will not have any costs at all. It will just be a case of allowing time for the process to complete before enjoying your payday.

How much will I make?

Sites vary hugely and we do not like to throw around figures which we cannot commit to. With this in mind you will find through our services your land will be worth much more through the uplift process than if you were to sell it without planning permission. This is commonly used as a great tool to maximise the value of your property and land which will often deliver a higher price by splitting up the title. Rest assured, if you want a no obligation figure we will be happy to provide it as an accurate no obligation offer for your land.

Will it devalue my house?

The value of your house is unlikely to be affected as houses are valued on price per square foot/metre of the property itself. There may be a small reduction in what the overall estate may be worth to the buyer. However, our offer/price for your land will far outweigh any potential loss.

Do I need permission from my mortgage lender?

Yes, if you have a mortgage and are entering into an agreement to sell part of your title, you will need to contact your lender to get their permission. If you are selling your full title, we still advise speaking to your lender for clarification.

Will I have to pay any Capital Gains Tax?

This will depend on your personal circumstances and we always advise that our customers speak to a Capital Gains Tax specialist if unsure. Here are some extracts from HMRC

You will be entitled to full relief where all the following conditions are met:

The dwelling house has been your only or main residence throughout your period of ownership.
You have not been absent, other than for an allowed period of absence or because you have been living in job-related accomodation, during the period of your ownership.
The garden or grounds including the buildings on them are not greater than the permitted area. The area of the garden and grounds of a person's residence that qualifies for relief is referred to in the legislation as the permitted area. The permitted area includes the site of the dwelling-house. S222(2) TCGA92 defines the permitted area as 0.5 hectares. If the garden and grounds of the residence, including the site of the dwelling-house, do not exceed the permitted area then the relief is automatically due for the whole area
No part of your home has been used exclusively for business purposes during the period of your ownership. Working from home using a room that is also used for non-business purposes will not prevent entitlement to full relief.

If you meet all these conditions you will not need to pay CGT on the disposal.

If I am selling part of my land when will the title be split?

The titles will be split at the point of final sale.

How much interuption will there be?

We will need to liaise with you for relevant searches and investigations to be carried out. These will include (but may not be limited to) a Topographical Survey, an Ecology Survey and a Site Investigation. We will always ensure you have notice of this and make it as painfree as possible for you.

What do I have to lose?

This process is designed to make it as safe and transparrent as possible for landowners. We take on the risk of the planning applications and in the unlikely situation it is not achieved we take on all the costs for it. The biggest cost to landowners is the time during the option agreement in which planning permission is achieved and waiting for the subsequent payment. As mentioned we aim to do this as quickly as possible where it suits landowners.

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